Looking for types of FA compensation models that are common in the industry. The investment office does business through LPL and is owned by a community bank. All expenses - admin, compensation, building, flow through the Bank. Are most FAs compensated with a base salary plus a percent of commissions or straight salary or straight commission as a percentage of gross commisions? What percentages?
Most non-bank advisors are straight commission. Many bank/credit union advisors havea salary + bonus arrangement or commission arrangement. The % is all over the board depending on what channel. Are you curious on one particular channel? Indy/wire/bank
Still pondering after 5+ months?
Bank will be salary + bonus. Depending on where you live, $35-$50k salary, plus % of product commission. Each bank different.
The larger banks are commission only. You may get a salary for a year or so that is extremely low and will only come into play in the months that your commissions don't exceed that amount. If you can get 30% or more at a bank/credit union in a good area with teller transactions exceeding 15k/month you are gold.